The signings come after both drove for Ed Carpenter Racing during last year's IndyCar Series.
The former was then brought into Meyer Shank Racing as an injury replacement for Simon Pagenaud, but is relishing his latest chance.
“When Dennis first called me, he told me he believed I could win the Indy 500, and all he wanted going into 2024 was the best chance to win as a team,” said the Indiana-born steerer.
“As a driver, what more could you want? I'm extremely thankful for the belief that Dennis has in me and the chance to drive one of his cars at the Indianapolis Motor Speedway.
“To be teamed up with a champion like Ryan, as well, I believe truly makes us a threat in the Month of May.
“I love the team Dennis has built already, and getting to know the guys at the shop has been a true pleasure. I cannot wait to hit the ground running at the test in April.”
Hunter-Reay said, “It has been an absolute pleasure to work with Dreyer & Reinbold Racing since joining them in 2023.
“I'm thrilled to be back and ready to build on where we left off last year.
“We had a very strong showing at the ‘500' last year, and if it were not for a failed front wing adjuster early in the race, I truly feel we would have been fighting in the top five to the finish.
“With the latest car regulation changes, we will certainly have our work cut out for us, and we're eager for the challenge ahead.
“The passion and dedication of this team are truly inspiring, and I am confident that together we can achieve success at ‘The Greatest Spectacle in Racing.'”
Reinbold himself remarked, “Both drivers bring a unique blend of skill, experience and passion to the team, and we are confident that they will represent us admirably on Race Day.
“In addition to our drivers, I am very pleased to welcome Don Cusick and his team back and am ready to get to work.”
Don Cusick said, “The collaboration symbolises our shared passion for the sport, and together we aim to write new chapters of success at the Brickyard with new and existing partners.
“I am grateful for the opportunity to continue working alongside Dennis Reinbold and his team, which has provided a firm footing for us to grow alongside our partners.
DRR is a constant at the Indy 500 despite no longer being a full-time IndyCar team, although Reinbold's reference to race day is ever so slightly bold given the likelihood of bumping this May.
In fact, confirmation of Hunter-Reay and Daly already brings the field to at least 33, with the likelihood that Abel Motorsports will also return.
The 2024 IndyCar Series starts at St Petersburg on March 8-10 (local time).